Edgar Filing: LSB INDUSTRIES INC

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:

3235-0104

Expires:

January 31, 2005

Estimated average burden hours per response...

0.5

(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â Golsen Family LLC

2. Date of Event Requiring Statement (Month/Day/Year)
05/29/2007

3. Issuer Name and Ticker or Trading Symbol
LSB INDUSTRIES INC [LXU]

(Last)

(First)

(Middle)

16 SOUTH PENNSYLVANIA AVENUE

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

OKLAHOMA CITY,Â OKÂ 73107

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	867,276	D ⁽¹⁾	Â
Common Stock	1,512,099	I	See ⁽¹⁾ ⁽²⁾
Common Stock	283,955	I	See ⁽¹⁾ ⁽³⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series B Preferred	Â ⁽⁴⁾	Â ⁽⁴⁾	Common Stock	133,333	$ ⁽⁴⁾	D ⁽¹⁾	Â
Series D Preferred	Â ⁽⁵⁾	Â ⁽⁵⁾	Common Stock	250,000	$ ⁽⁵⁾	I	See ⁽¹⁾ ⁽²⁾
Series B Preferred	Â ⁽⁴⁾	Â ⁽⁴⁾	Common Stock	400,000	$ ⁽⁴⁾	I	See ⁽¹⁾ ⁽²⁾
$3.25 Preferred, Class C	Â ⁽⁶⁾	Â ⁽⁶⁾	Common Stock	39,177	$ ⁽⁶⁾	I	See ⁽¹⁾ ⁽²⁾
Series B Preferred	Â ⁽⁴⁾	Â ⁽⁴⁾	Common Stock	133,333	$ ⁽⁴⁾	I	See ⁽¹⁾ ⁽³⁾
$3.25 Preferred, Class C	Â ⁽⁶⁾	Â ⁽⁶⁾	Common Stock	60,749	$ ⁽⁶⁾	I	See ⁽¹⁾ ⁽³⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Golsen Family LLC 16 SOUTH PENNSYLVANIA AVENUE OKLAHOMA CITY,Â OKÂ 73107	Â	Â X	Â	Â

Signatures

Jack E. Golsen, Manager		06/08/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The beneficial ownership of the shares listed in this report was acquired upon the contribution to the reporting person on May 29, 2007, of 867,276 shares of common stock, 4,000 shares of Series B Preferred, and 49% of the common stock of SBL Corporation ("SBL") by the owners of the reporting person. The reporting person (the "LLC") disclaims beneficial ownership of the Issuer securities held by the LLC except to the extent of its pecuniary interest therein. The LLC is owned by Jack E. Golsen (Chairman and Chief Executive Officer of the Issuer), his spouse, Sylvia Golsen, his sons, Barry H. Golsen (Director and President of the Issuer) and Steven J. Golsen (executive officer of a subsidiary of the Issuer), and his daughter, Linda G. Rappaport. Jack E. Golsen and his spouse are the managers of the LLC and, in such capacity, share voting and dispositive power over the Issuer securities owned by the LLC. See footnote (2) for a discussion of the ownership of SBL.
(2)	SBL is wholly owned by the LLC (49% owner), Barry Golsen (17% owner), Steven Golsen (17% owner), and Linda Rappaport (17% owner).
(3)	These shares are owned of record by Golsen Petroleum Corp., a wholly-owned subsidiary of SBL.
(4)	Each share of the Company's Series "B" 12% Cumulative Preferred Stock is convertible, at the option of the holder, into 33.3333 shares of the Issuer's common stock. Each share is convertible as long as such is outstanding.
(5)	Each share of Series "D" Preferred is convertible at the option of the holder into 4 shares of the Issuer's common stock. Each share is convertible, as long as such is outstanding.
(6)	Each share of the Company's $3.25 Convertible Exchangeable Class C Preferred Stock, Series 2 is convertible at the option of the holder into 4.329 shares of the Company's Common Stock. Each share is convertible as long as such is outstanding.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.